Senior Manager – Compliance

Job Purpose:

The Senior Compliance Manager for Retail Banking and Wealth Management is tasked with providing comprehensive compliance support to the Retail Banking - Wealth Management (RB-WM) business. This position entails delivering regulatory compliance guidance and collaborating with both the RB-WM team and relevant departments involved in retail banking operations. Reporting directly to the Head of Regulatory Compliance, the RB-WM Compliance Manager plays an essential role in ensuring that all initiatives, activities, and products within the RB-WM business comply with applicable regulations, internal policies, and the organization's Compliance Risk Appetite. The incumbent serves as a Subject Matter Expert in Wealth Management, Conduct, and Consumer Protection matters, while also fostering a strong culture of compliance within the business and First Line of Defense by actively engaging in business forums and maintaining close communication with Group Compliance.

Key Accountabilities:

• Regulatory and Business Conduct: Assume personal responsibility for upholding the highest standards of ethics, including regulatory and business conduct.
• Regulatory Advisory: Provide advisory support on SCA regulations and other regulations relevant to RB-WM business, such as regulations issued by the Central Bank of the UAE (CBUAE). Act as the principal contact for regulatory guidance for RB-WM business. Understand and convey regulatory changes and their impact on the bank's operations, ensuring that RB-WM business stays informed and compliant.
• Surveillance: Conduct periodic review of the business-related activities, identifying and highlighting potential regulatory compliance gaps and risks to be addressed, including any conflicts of interest.
• Policies, Products and Initiatives: Review new investment products from a Compliance perspective, including funds and structured products. Review new investment agreements and opportunities. Act as a point of contact from GCD for the RB-WM product review process by assessing regulatory requirements and the impact of proposed new products and services to ensure that product launch is smooth and successful.
• Support in applying compliance related policies across RB-WM business units and update in response to regulatory changes.
• Regulatory Engagements: Interact with the Securities and Commodities Authority (SCA) on a day-to-day basis, resolve any licensing requirements with the regulator. Assist RB-WM business during examinations from regulatory authorities (i.e., CBUAE and SCA), in obtaining approvals / no-objections from regulatory authorities and act as a point of contact in the Bank's interactions with CBUAE and SCA for RB-WM businesses.
• Remediation Guidance: Advise RB-WM business units in formulating their remediation action plan for regulatory, RCSA, internal/external audit issues related to compliance.
• Compliance Incident Management: Provide support in the response to compliance incidents, including investigations, remediation, and reporting. Ensure that lessons learned are integrated into future compliance strategies.
• Training and Awareness: To be part of the team providing the ongoing training and development of people and support delivery training programs tailored to the needs of different RB-WM business units for conduct and regulatory compliance perspective.
• Reporting: Support development and implementation of a comprehensive reporting mechanism for RB-WM business for specific compliance matters
• Coordinate with Financial Crime Compliance team on compliance matters related to the SCA licenses activities.
• Escalations: Ensure that the Head of Regulatory Compliance is well informed of critical business units advisories, initiatives, escalations, and issues.
• Shari'ah Compliance: Maintaining a constructive and effective relationship with the Internal Shari'ah Control Department, as and when required.
• Other: Any other special task/assignment assigned

Education, experience and qualifications:

• Minimum of 8 years of experience in compliance roles within the banking industry, with at least 3 years related to wealth management business
• Bachelor's degree in finance, law, business administration, or a related field
• Completed training related to Islamic banking, the UAE rules and regulations, conducts, compliance, etc.
• Deep knowledge of regulations relevant for RB-WM business
• Extensive familiarity with RB-WM Islamic Banking products
• Ability to deal with all levels of people, with excellent communication and capability to challenge effectively
• Ability to work with regulatory authorities in an open and cooperative manner
• Ability to challenge the First Line of Defense on compliance related matters applicable to the Bank.
• Strong analytical and problem-solving skills, with the ability to navigate complex compliance challenges.